Wingtech (600745) quarterly report comment: revenue growth and long-term growth
Event: On April 30, 2019, the company released the 2019 first quarter report, and achieved operating income of 48 in Q1 2019.86 ppm, an increase of 184 in ten years.60%, achieve net profit attributable to mother 0.430,000 yuan, an increase of 175 in ten years.07%, net profit after deduction is 0.390,000 yuan, an increase of 164 in ten years.44%.  Opinion: We continue to strongly recommend the company. The company is a mainstream ODM supplier. It has cooperated with most mainstream brands and has provided in-depth ODM service cooperation for Huawei, Lenovo, Xiaomi, Meizu, OPPO and other well-known domestic brands.The addition of LG, an international major customer, is expected to add Samsung this year, becoming an important increase.At the same time, the company entered the Huawei laptop supply chain, and Huawei MateBookE was owned by the company ODM.The company proactively adjusted the customer structure in the first three quarters of 2017, with significant results. According to the company’s past financial reports and the mobile phone industry, the company’s business was the off-season in the first quarter of 2019.The company’s revenue and profit distribution in the first quarter of 2019 increased in the fourth quarter of 2018 from the previous quarter, But achieved substantial growth, customer structure adjustment and research and development commitment 四川耍耍网 to significant results.In addition, the company’s acquisition of Anshi Semiconductor is progressing gradually. On April 29, 2019, the China Securities Regulatory Commission officially announced the “Approval of Assets Purchased by Listed Companies for Issuing Shares”.  The acquisition of Anshi Semiconductor realized investment income, and the acquisition money increased financial costs.Hefei Zhongwen Jintai Semiconductor Co., Ltd., a subsidiary of the company, formally consolidated in February. The company’s subsidiary, in order to acquire Anshi Semiconductor, holds Hefei Guangxin 99.96% equity share.Hefei Guangxin is the largest shareholder of Hefei Yuxin and holds Hefei Yuxin 42.94% equity, Hefei Yuxin holds Yucheng Holdings 78.39% equity, Yucheng’s controlling shareholder 100% equity of Anshi Group, after penetration, the 佛山桑拿网 company now holds the company Anshi Semiconductor is expected to 33.With 64% of shares, the realized investment income is expected to be about 90 million yuan. The acquisition of Anshi Semiconductor began to show positive effects and contribute to the company’s income. Anshi Group’s 2018 net profit13.400000000.In terms of financial expenses, the company and Industrial Bank signed a “M & A Loan Contract”, with the M & A loan amount of US $ 3.5 billion, and the interest rate on the expenditure was the benchmark benchmark interest rate plus 2.75% of the borrowing began to calculate the index in February, and the interest expense incurred in the first quarter is expected to be 40 million yuan.  In-depth cooperation with leading 5G companies is expected to benefit from leading advantages.The company and Qualcomm, China Mobile and other partners released the 5GPC Hongye plan. At the same time, the company and Qualcomm signed the 5GLICENSEE authorization document, and have already obtained Qualcomm 5G platform-related technical documents.With the technical support of Qualcomm, the company has started the pre-research work on 5G-related products.It is expected that the accelerated penetration of 5G will be gradually realized in the future. The company’s related 5GODM products will accelerate the development and volume, and the performance is expected to be in the next city. In the upcoming 5G era, the company has a breakthrough leading investment suggestion: We continue to recommend the company, and the company cooperates with Qualcomm in depth.It has a leading edge in 5G and is expected to benefit from the 5G era.In terms of ODM business, we have achieved optimization of customer structure, and have cooperated with a number of mainstream brands. In the first quarter, the expansion of international first-tier brands achieved growth.It is expected to achieve net profit in 2019-2021.50/8.20/10.6.7 billion; Anse Semiconductor’s revenue in 19-20 years is 130.2/144.500 million, net profit attributable to mother 18.9/24.500 million.  Risk warning: Ace Semiconductor’s performance is less than expected, listed companies will fail to issue shares, ODM business is less than expected, R & D entry is less than expected, 5G construction progress is less than expected

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